If there’s anything we’ve learned in 2024, it’s that Nigerian women are making serious headlines. From our women in sports to fashion, and even tech, there is no doubt that we are making waves in the boardrooms and beyond. This is all thanks to a new concept called economic power.
In this article, we’ll dive into the nitty-gritty of this shift. We’ll look at real stories of Nigerian women who aren’t just participating in the economy but shaping it. We’ll crunch some numbers that might surprise you (or make you pump your fist in the air). And we’ll explore why this subtle shift in focus could be a game-changer for the Nigerian woman’s future.
Why economic power is a game changer for Nigerian women
Economic power is the next level for gender equality in Nigeria. It’s about women having real control over economic resources, decision-making authority, and the ability to influence economic systems and policies. Here’s why it matters:
It gives women influence where it matters most — the policies
When women have economic power, they get a seat at the policy-making table. For instance:
- In 2019, women’s representation in the Nigerian parliament hit 3.6%. Even though this was still quite low, more gender-friendly laws were passed.
- The introduction of the Gender and Equal Opportunities Bill was largely attributed to increased pressure from women-led economic groups.
Her money = Her rules
Economic power means women call the shots on their own cash. A 2020 study found that women-led small businesses where women controlled the money were 35% more likely to grow than men in the family who held the purse strings.
It encourages gender parity from within
With economic power, women can challenge the old boys’ network. The Women in Management, Business and Public Service (WIMBIZ) initiative is a great example. They have successfully advocated for policy changes, leading to a 15% increase in women on corporate boards between 2015 and 2020.
How economic power has worked out for Nigerian women in real life
Ngozi Okonjo-Iweala
As the first woman and African to serve as Director-General of the World Trade Organization, she exemplifies how economic power can influence global trade policies.
Folorunsho Alakija
One of Africa’s richest women, her economic power has allowed her to invest heavily in education and economic power programs for women across Nigeria.
Access Bank’s “W” Initiative
This program provides loans to women-owned businesses and offers mentorship and networking opportunities, recognizing the importance of building economic power alongside access to capital.
The success of economic power, according to numbers
- Women-owned businesses now contribute 41% to Nigeria’s GDP, up from 23% in 2015 (McKinsey & Company, 2021).
- The percentage of women on corporate boards in Nigeria jumped from 11.5% in 2016 to 18% in 2020 (SBM Intelligence, 2021).
- Women-led tech startups in Nigeria raised $834 million in 2020 – that’s a 400% increase from 2018.
The roadblocks and recommendations for sustainable economic power
Cultural Barriers: Deeply ingrained societal norms continue to limit women’s economic autonomy.
Limited Access to Finance: Women-owned businesses receive only 2% of the total credit available to SMEs in Nigeria (IFC, 2020).
Educational Gaps: While primary education enrollment is nearly equal, only 47% of girls complete secondary education compared to 55% of boys (UNICEF, 2021).
To address these challenges for women, the following steps are crucial:
- Implementing quota systems in corporate leadership and politics.
- Developing targeted financial products and services for women entrepreneurs.
- Investing in STEM education for girls to prepare them for high-growth, high-power sectors.
- Encouraging male allyship in both private and public sectors.
The focus on economic power is the next step in the fight for gender equality in Nigeria. It’s not just about having a job; it’s about women having a say in how the system works for them. As Nigeria grows, putting economic power in women’s hands isn’t just good for women; it’s also good for everyone. It’s time to level up!
